HD Hyundai Electric, the energy solution arm of Korean shipbuilding giant HD Hyundai, announced Tuesday the launch of a new program to support startups developing next-generation power technologies.
On Monday, the company officially introduced PowerUp HDE, a program designed to provide comprehensive support for startups looking to access advanced electricity grid technologies and explore collaboration opportunities with HD Hyundai Electric.
"In today's fast-changing industrial landscape, proactive innovation and bold ventures are essential (for growth)," said Kim Young-ki, CEO of HD Hyundai Electric. "Through the continuous development of new, future-oriented power business ideas, we aim to drive innovative growth across the power sector."
The program will begin gathering participating startups in June and offer development funding, access to testing facilities and technical assessments — resources typically out of reach for early-stage companies.
Startups will also have opportunities to co-develop technologies with HD Hyundai Electric, and if their technologies prove successful, they may be eligible for further investment from the company.
The initiative will be managed by early-stage tech investor Bluepoint and Silicon Valley-based startup accelerator Plug and Play, both bringing extensive experience in fostering startup growth in Korea and abroad, HD Hyundai Electric said.
By Lim Jae-seong (forestjs@heraldcorp.com)
